WATCH: 60 Seconds of Social Media

Facebook's big reveal this week wasn't the rumored Facebook phone as some had hoped, but Graph Search, Facebook's attempt to harness the enormous data sets it possesses toward contextual search. Want to find a local Italian restaurant that your friends liked, or find friends who like the same obscure bands you do? With Graph Search, you can.

And Bing, though not powering Graph Search itself, serves integrated Web results on the same screen.

Of course, Facebook's native search has long been criticized, prompting some, like one analyst who spoke to CNET, to say this is just Facebook "taking an unacceptably bad part of the service and making it usable." Since Graph Search is still in beta and slowly being rolled out, it may be a while before we know if Google has anything to be worried about.